I'm Single, No Kids, & Young--I Don't Need Life Insurance, Right?
Actually, that answer is a big fat WRONG.
Let me explain why:
1. CASH VALUE. The cash value of a whole life insurance policy is an actual investment that you can use for six awesome purposes to improve your financial life.
2. THINGS CHANGE. You won’t be single, with no kids, and young forever. While I can’t guarantee you’ll get married, and can’t guarantee you’ll have kids, I can guarantee you won’t be young forever and that eventually, you will know who you want your beneficiaries to be. The sooner you get it, the better off you (and they) will be.
3. IT GETS EXPENSIVE. Odds are that you will get married, or at least have kids, at some point. Well, the older you get, the more expensive life insurance becomes. If you get it now, preparing for possible marriage and/or kids, it makes your life ten times easier. Knowing what I know now, I would have asked my mom and dad to buy me whole life insurance when I was a kid. Why? It would already be paid off by now, and the cash value would be huge.
4. YOU BECOME A BENEFACTOR. You can become the charitable benefactor you always wanted to be! I started my own charity a few years ago called Break Diving, Inc. When I got my whole life policies, I allocated 20% of the death benefit to Break Diving. This means that either Break Diving becomes a huge success while I’m alive, or it gets funded for success after I die. Either way, Break Diving succeeds. And it’s thanks to life insurance that I am able to ensure that my favorite charity (haha) gets the financial backing it needs.
5. YOU ARE HEALTHY... NOW. You may be healthy and insurable today, but tomorrow, you may not be. One of the best parts of whole life is that I am insured for life. If suddenly I get very sick tomorrow, and uninsurable, it doesn’t matter: I am already insured. Imagine this. You keep putting off getting life insurance. Then, in ten years, you get married, or have a kid, or decide on a charity or a friend you want to help out. So you decide to go visit a life insurance agent the next week. But sadly, when you go meet your agent, they tell you that you’re uninsurable because of this condition you developed three years ago. What a total bummer, and so incredibly sad. Not only will you not be able to help those you love, but you’ll be kicking yourself for procrastinating.
6. CO-SIGNED LOANS. Do you have any loans that you have co-signed with someone else? I have student loans that my mom co-signed with me. To my horror, one day I discovered that if I died, the full balance immediately becomes due, and my mom is stuck with the burden of a) dealing with my death, and b) paying off these loans. Both of them would devastate her, so at the very least, I can at least soften the sadness of my death by ensuring I don’t put her in financial dire straits if I die before her. So I have enough life insurance to cover all of my loans (and then some) should I die. Think about it: do you have any loans you have co-signed for? Mortgage? Credit Cards?
7. YOU ARE HUMAN. Here’s the most important reason to get life insurance today: you might die tomorrow. And if you do, I promise that someone in your life is going to be financially affected. Consider it for a moment and you will realize that I am right. Wouldn’t it be nice if under those unfortunate circumstances, you at least could bring some joy and peace to someone’s life by giving them a gift even after you’re gone? To help them with their student loans? To help them pay off that loan or credit card debt? To help them start an IRA?
The truth is that I can give you many more reasons why it makes sense for a single person, with no kids, and no spouse to get life insurance now. The sooner you do, you sooner you will feel so much better about your life. It’s a strange thing: life insurance is all about death, but truly, I think it allows me to live my life now with less stress and worry. To me, that’s why it’s called life insurance: it makes your life better. I really really mean that.
I’m hoping that if you’re reading this, you will be wiser than me: take my advice and get whole life insurance now. Don’t wait. The sooner you start will be another few thousand dollars added to your cash value, and another year of greater peace of mind accrued!
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